LESSOR'S PAYMENT. If Lessee fails to perform its obligations under Paragraph 15 or 16 above, or Paragraph 23 below, Lessor shall have the right to substitute performance, in which case, Lessee shall immediately reimburse Lessor therefor.
LESSOR'S PAYMENT. In case of failure of Lessee to procure or maintain said insurance or to pay fees, assessments, charges and taxes, all as specified in this Lease, Lessor shall have the right, but shall not be obligated, to effect such insurance, or pay said fees, assignments, charges and taxes, as the case may be. In that event, the cost thereof shall be repayable to Lessor with the next installment of rent, and failure to repay the same shall carry with it the same consequences, including interest at ten percent (10%) per annum, as failure to pay any installment of rent.
LESSOR'S PAYMENT. If Lessee fails to provide or maintain said insurance, to pay said taxes, charges and fees, or to discharge any levies, liens and encumbrances created by Lessee, Lessor shall have the right, but shall not be obligated, to obtain such insurance, pay such taxes, charges and fees, or effect such discharge. In that event, Lessee shall remit to Lessor the cost thereof with the next rent payment.
LESSOR'S PAYMENT. If Lessee fails to pay taxes as required under this Agreement, discharge any liens or encumbrances on the Equipment (other than those created by or through Lessor), or otherwise fails to perform any other obligation under this Agreement, Lessor may act in Xxxxxx’s stead so as to protect Xxxxxx’s interests, in which case Lessee shall immediately reimburse Lessor the cost thereof.
LESSOR'S PAYMENT. If Lessee fails to procure or maintain insurance or to pay fees, assessments, charges, taxes or expenses, all as herein required, Lessor shall have the right, but not the obligation, to pay the premiums for such insurance and such fees, assessments, charges, taxes and expenses. In such event, the cost thereof shall be Additional Rent payable to Lessor with the next installment of Rent, plus interest, taxes and penalties, if any, imposed by the charging entity, and the Late Charge from the date of such payment by Lessor until receipt by Lessor of reimbursement from Lessee.
LESSOR'S PAYMENT. In case of failure of the Lessee to procure or maintain said insurance or to pay said fees, assessments, charges and taxes, as herein before specified, the Lessor shall have the right, but shall not be obligated, to effect such insurance, or pay said fees, assessments, charges, and taxes, as the case may be. In that event, the cost thereof shall be repayable to the Lessor with the next installation of rent, and failure to repay the same shall carry with it the same consequences, including interest at eighteen percent (18%) per annum (or the highest rate allowed by applicable law, whichever is less) as failure to pay any installment of rent.
LESSOR'S PAYMENT. If Lessee fails to perform its obligations under Paragraph 27 or 31 or to discharge any encumbrances created by Lessee, Lessor shall have the right to substitute performance, in which case, Lessee shall pay Lessor the cost thereof. 29. TAX INDEMNIFICATION (APPLIES ONLY FOR EQUIPMENT UNDER OPTIONS A OR B). The Lease is entered into on the basis that under the Internal Revenue Code of 1985, as amended (Code), Lessor shall be entitled to (1) maximum Accelerated Cost Recovery System (ACRS) deductions for 5-year property and (2) deductions for interest expense incurred to finance purchase of the Equipment. The Bulletin "Lessor's Tax Assumptions" will be given to Lessee on request. Lessee represents, warrants and covenants that at all times during the Lease: (a) no item of Equipment will constitute "public utility property" as defined in the Code; (b) Lessee will not make any election under the Code or take any action, or fail to take any action, if such election, action or failure to act would cause any item of Equipment to cease to be eligible for any ACRS deductions or interest deductions; (c) Lessee will keep and make available to Lessor the records required to establish the matters referred to in this Paragraph 29; and (d) for Equipment located in a United States possession, Lessee represents that Lessee is a tax exempt entity as defined in the Code. Furthermore, if Lessee is a tax exempt entity, Lessee covenants that it will not renew or extend the Lease if such action shall cause Lessor a Tax Loss as described below. If, as a result of any act, failure to act, misrepresentation, inaccuracy, or breach of any warranty or covenant, or default under the Lease, by Lessee, an affiliate of Lessee, or any person who shall obtain the use of possession of any item of Equipment through Lessee, Lessor shall lose the right to claim or shall suffer any disallowance or recapture of all or any portion of any ACRS deductions or interest deductions (Tax Loss) with respect to any item of Equipment, then, promptly upon written notice to Lessee that a Tax Loss has occurred, Lessee shall reimburse Lessor the amount determined below. The reimbursement shall be an amount that, in the reasonable opinion of Lessor, shall make Lessor's after-tax rate of return and cash flows (Financial Returns), over the term of the Lease for such Item of Equipment, equal to the expected Financial Returns that would have been otherwise available. The reimbursement shall take into account the effect...
LESSOR'S PAYMENT. In the event Lessee fails to pay any amounts due hereunder or to perform any of this other obligation under this lease, Lessor may, at its option, but without any obligation to do so, pay such amounts or perform such obligations and Lessee shall reimburse Lessor the amount of such payment or cost of such performance.
LESSOR'S PAYMENT. If Lessee fails to procure or maintain the insurance or to pay the fees, assessments, charges and taxes required under this Agreement, Lessor shall have the right, but shall not be obligated, to purchase such insurance or pay said fees, assessments, charges and taxes, as the case may be. If Lessor makes such payment, any unpaid balance shall carry with it the same consequence, including interest at eight percent (8%) per annum, as failure to pay rent.
LESSOR'S PAYMENT. In case of failure of Lessee to procure or maintain the insurance required by paragraph 11 hereof or to pay fees, assessments, charges and taxes, it is required to pay under paragraph 12 hereof, Lessor shall have the right, but shall not be obligated, to effect such insurance, or pay said fees, assessments, charges and taxes, as the case may be. In that event, the cost thereof shall be repayable to Lessor with the next installment of rent, and failure to repay the same shall carry with it the same consequence, including interest at one and one-half per cent (1 1/2%), or the highest legal interest rate, whichever is less, per month, or any part thereof, as failure to pay an installment of rent.
